Coal India Q2 PAT Jumps 57% YoY to ₹6,547 Crore

Corporate Developments

Overseas Subsidiary: Incorporated Singapore-based wholly owned subsidiary CIL Global Pte. Ltd. on 24.08.2026 to explore critical minerals asset acquisition and manage overseas investments.
Iron Ore Block: Identified as preferred bidder for Gadadharpur Iron Ore Block in Kendujhar, Odisha, with estimated resources of 288 MT.
MCL Developments: 10 MTPA Lakhanpur Silo commissioned on 30.08.2026; DRHP for MCL's IPO filed on 01.09.2026.
Coal Gasification Project: Foundation stone laid on 20.06.2026 for India's first commercial project by BCGCL (CIL-BHEL JV) with ₹25,000 crore investment and annual capacity of 6.6 lakh Te Ammonium Nitrate.
Coal Washing: Bhojudih Coal Washery at BCCL (2.0 MTPA capacity) commenced commercial operations on 26.05.2026, increasing BCCL's total washing capacity to 17.35 MTPA.
Revenue Sharing MDO: Production commenced from ASGKCC Mine (Katras Area) under MDO revenue-sharing model (BCCL receives 9% of revenue); contributed 13,400 tonnes in H1.
Solar Power: Commissioned 200 MW Solar Power Capacity at Bhadramali, Gujarat, effective 31.03.2026.

Physical Performance H1 2026-27 (in Million Tonnes)

Production

| ECL | 22.54 | 22.27 | 20.33 | 10% |

| BCCL | 17.22 | 13.78 | 15.75 | -13% |

| CCL | 38.95 | 35.47 | 29.53 | 20% |

| NCL | 69.05 | 57.99 | 69.39 | -16% |

| WCL | 26.70 | 27.03 | 24.84 | 9% |

| SECL | 83.33 | 76.88 | 72.67 | 6% |

| MCL | 90.55 | 87.54 | 96.53 | -9% |

| NEC | 0.15 | 0.03 | 0.11 | -73% |

| Overall CIL | 348.49 | 321.00 | 329.14 | -2% |

Offtake

| ECL | 28.61 | 27.23 | 22.47 | 21% |

| BCCL | 18.89 | 16.51 | 17.07 | -3% |

| CCL | 46.65 | 42.54 | 33.48 | 27% |

| NCL | 70.63 | 61.81 | 68.03 | -9% |

| WCL | 32.46 | 34.88 | 28.67 | 22% |

| SECL | 96.75 | 89.89 | 84.22 | 7% |

| MCL | 113.39 | 111.29 | 103.05 | 8% |

| NEC | 0.13 | 0.05 | 0.07 | -29% |

| Overall CIL | 407.52 | 384.20 | 357.05 | 8% |

Overburden Removal (M.CuM)

Total: 857.61 Mill CuM (0.2% YoY increase)

Departmental: 98.24 Mill CuM (11%)
Contractual: 759.37 Mill CuM (89%)

Coal Inventory (Million Tonnes)

Opening Stock (01-04-2026): 130.28
Closing Stock (30-09-2026): 66.58
Decrease vs 31st March 2026: 63.70 MT (49%)
Decrease vs 30th Sep 2025: 40.58 MT (38%)
Decrease vs 30th June 2026: 34.77 MT (52%)

Physical Performance Q2 2026-27

Production: 151.37 MT (4% YoY increase from 145.82 MT)

Offtake: 186.34 MT (12% YoY increase from 166.10 MT)

Overburden Removal: 352.92 M.CuM (1% YoY increase from 349.11 M.CuM)

Financial Performance (Standalone, ₹ Crore)

Q2 FY27 Results

| Revenue from Operations | 44,179 | 36,553 | 7,626 | 21% |

| Other Income | 2,654 | 2,140 | 514 | 24% |

| Total Income | 46,833 | 38,694 | 8,139 | 21% |

| Expenditure | 38,398 | 32,911 | 5,487 | 17% |

| PBT (without JV) | 8,434 | 5,782 | 2,652 | 46% |

| Share of JV Profit | 294 | 209 | 85 | 40% |

| Profit Before Tax | 8,728 | 5,992 | 2,737 | 46% |

| Tax Expense | 2,181 | 1,825 | 356 | 20% |

| Profit After Tax | 6,547 | 4,167 | 2,380 | 57% |

H1 FY27 Results

| Revenue from Operations | 90,434 | 79,473 | 10,961 | 14% |

| Other Income | 4,694 | 3,756 | 938 | 25% |

| Total Income | 95,128 | 83,229 | 11,891 | 14% |

| Expenditure | 75,215 | 65,815 | 9,400 | 14% |

| PBT (without JV) | 19,913 | 17,414 | 2,499 | 14% |

| Share of JV Profit | 534 | 354 | 181 | 51% |

| Profit Before Tax | 20,448 | 17,768 | 2,680 | 15% |

| Tax Expense | 5,050 | 4,813 | 238 | 5% |

| Profit After Tax | 15,397 | 12,955 | 2,442 | 19% |

Expenditure Breakdown (H1 FY27, ₹ Crore)

Cost of Materials Consumed: 6,012 (24% increase)
Changes in inventories: 4,470 (202% increase)
Employee Benefits Expense: 22,800 (4% increase)
Finance Costs: 666 (21% increase)
Depreciation, Amortization and Impairment Expenses: 4,682 (-6% decrease)
Stripping activity adjustment: -2,935 (30% increase in reversal)
Contractual Expense: 15,985 (14% increase)
Other Expenses: 23,536 (16% increase)

Subsidiary-wise PBT Performance (H1 FY27, ₹ Crore)

ECL: ₹655 (Turnaround from loss of ₹581)
BCCL: ₹83 (-59% decrease)
CCL: ₹1,814 (55% increase)
NCL: ₹5,938 (-19% decrease)
WCL: ₹1,352 (76% increase)
SECL: ₹2,911 (54% increase)
MCL: ₹6,575 (7% increase)
CMPDIL: ₹420 (24% increase)
CIL St (Excl. Dividend): ₹291 (4% increase)

Trade Receivables (₹ Crore)

| MAHAGENCO | 3,588 | 3,469 | 89 |

| APGENCO | 1,930 | 1,994 | (64) |

| NTPC | 1,107 | 1,827 | (720) |

| SAIL | 773 | 576 | 197 |

| TVNL | 701 | 642 | 59 |

| APPDCL | 644 | 825 | (181) |

| UPRVUNL | 623 | 283 | 340 |

| DPL | 480 | 503 | (23) |

| RINL | 391 | 431 | (40) |

| RRVUNL | 367 | 503 | (136) |

| DVC | 266 | 1,803 | (1,537) |

| Others | 2,622 | 3,131 | (509) |

| Total | 13,462 | 15,985 | (2,523) |

Financial Ratios

| Ratio | 30.09.26 | 31.03.26 | Remarks |

| Debt Equity Ratio | 0.13 | 0.12 | Increase in Borrowings |

| Current Ratio | 1.81 | 1.86 | Increase in other current liabilities |

| Quick Ratio | 1.65 | 1.62 | Increase in Deposits and decrease in inventory |

| Debtor Turnover Ratio | 0.76 | 0.81 | Decrease in Trade Receivables |

| Inventory Turnover Ratio | 1.04 | 1.22 | Decrease in Closing Stock of coal |

| EBITDA Margin | 29% | 32% | |

| Operating Margin | 18% | 19% | Increase in Cost of production |

| Gross Profit Margin | 23% | 25% | Increase in Explosives, PoL, Contractual Expenses |

| Net Profit Margin | 17% | 18% | |

| EPS (₹) | 24.94 | 50.46 | H1 not annualized |

| Book Value Per Share (₹) | 206.84 | 193.26 | Increase in Net Worth |

Revenue Analysis (H1 FY27)

Sale of Product: ₹88,859 crore (14% increase)

FSA Sales: 327.79 MT at ₹2,144.49/Te (19.32 MT increase contributing ₹4,036 crore)
E-Auction: 49.31 MT at ₹3,083.95/Te (12.93 MT increase contributing ₹3,802 crore)
Washed Coal & Other: 7.45 MT at ₹4,487.34/Te (3.23 MT decrease reducing revenue by ₹914 crore)
Overall Average Realization: ₹2,310.34/Te (5% increase)
Overall Sales Quantity: 384.55 MT (8% increase)

Other Revenue Drivers

Sale of services & other revenues: ₹1,575 crore (20% increase due to inflated mileage income and stripping activity provision reversal)
Other Income: ₹4,694 crore (25% increase mainly from interest on deposits)

Expenditure Analysis (H1 FY27)

Key increases in:

Explosive Expenses: ₹430 crore
Oil & Lubricant Expenses: ₹678 crore
Employee Benefits: ₹877 crore (mainly from Basic+DA, NCWA provision, and bonus)
Contractual Expenses: ₹1,965 crore (outsourcing for coal and OB)

Q2 FY27 Specifics

Revenue Drivers

FSA Sales: 159.71 MT at ₹2,191.94/Te
E-Auction: 22.79 MT at ₹3,082.21/Te
Washed Coal & Other: 3.81 MT at ₹4,410.47/Te
Overall Average Realization: ₹2,346.21/Te (7% increase)

Significant Items

Other Income increased by ₹514 crore (24%) mainly from interest on deposits
Employee Benefits increased by ₹832 crore (8%) due to Basic+DA and NCWA provision
Contractual Expenses increased by ₹1,121 crore (18%) due to outsourcing expenses